Give wings to your Start-up with IDFC FIRST Bank’s customised banking services

The basic banking needs of businesses are vastly different from that of an individual. Businesses need specialised banking services like a current account, corporate credit card, employee salary account, etc. And Start-ups are in a different league altogether.

Start-ups need curated banking solutions for their financial needs. They are growing businesses, and their requirements are unique. Whether it is a business loan or requirement of funds for working capital, Start-ups need business solutions that relevant to them. That is where IDFC FIRST Bank can help.

IDFC FIRST Bank recognises the specialised needs of Start-ups and offers the best possible banking services that match those needs. These services empower Start-ups to manage their finances efficiently and achieve their business goals.

What do these banking services include? Take a look -

Zero balance Start-up current account

With IDFC FIRST Bank’s Start-up Current Account, there’s no need to maintain a minimum balance. Since it is a zero balance account, you can also avoid the charges associated with non-maintenance of a minimum balance and enjoy a cost-effective solution for your day-to-day transactions.
 

Other features include -
 

· Cash deposit facility of up to Rs 30 lakh

· Zero charges on IMPS, NEFT, and RTGS transactions

· Unlimited Doorstep banking services for 1 location

· Premium VISA Signature debit card

· Free chequebook and demand draft

· Digital banking services

· Free setting up of online payment gateways like UPI, QR, and virtual accounts

Trade and forex facilities

Get a customised suite of forex solutions based on your current account transactions. Expand your business globally with expert advisory banking services and free issuance of Foreign Inward Remittance Certificates (FIRCs) and electronic Bank Realisation Certificates (BRCs).

Business loans

Need funds for buying new equipment or for expansion? Get a range of banking services like business loans to fund your Start-up's growth. With a business loan from IDFC FIRST Bank, you can avail of the following:

· Affordable interest rates

· Flexible repayment tenure

· Considerable loan amount

· Low fees banking services

These cost-effective business loans empower your Start-up, helping it grow.

Also read: Four ways you can raise money for your startup

Payment solutions

As the world goes digital, relevant payment solutions are essential for seamless transactions. IDFC FIRST Bank offers a multitude of payment solutions for your business. Get POS machines, UPI payment gateways, QR codes, and other relevant banking services. Facilitate seamless payments with your customers and vendors for hassle-free transactions.

Wealth management services

Get expert wealth management services for managing your financial assets and investments. Know where to invest, how much to invest, and for how long. Manage your business funds effectively to earn attractive returns.

API banking services for cash management solutions

Integrate IDFC FIRST Bank’s digital technology into your business and get tailored API solutions for cash management. Here’s what you get -

· A host of payment solutions, both online and offline

· Different types of collection solutions like virtual accounts, KIOSK, cash collection, payment gateways, etc.

· Cash concentration solutions with the sweep-in facility – transfer excess funds from the current account to a fixed deposit account for higher returns

· API banking services and host-to-host payment solutions

· Efficient handling of your escrow account with assets like cash, documents, securities, etc.

Corporate salary account

IDFC FIRST's banking services include corporate salary accounts for your employees, which come with a host of benefits:
 

· Monthly interest payments on a compounded basis

· Lifetime free credit card with accelerated reward points

· Different accounts for salary and reimbursements for efficient tax management

· No minimum employee criterion

· Preferential interest rates on retail loans that your employees might seek

· Complimentary personal accident cover

· Free debit card with dining privileges

· Free and unlimited access to ATM banking services

Also read: Difference between Saving Account and Salary Account​​

Access to marketplace

What do you need to grow your Start-up? Increased market exposure.

That is exactly what IDFC FIRST Bank’s Start-up Banking services offer. Position your business on the bank’s loyalty platform and make it visible to millions of customers.

Investor connect

Gain access to the industry-first program that helps you connect with the right mentors and investors. You get to experience the following -
 

· Boot camps conducted by experts

· Interactions with leading Start-up founders and investors

· Fundraising opportunities

· Virtual master classes, etc.

All this without any fee.
 

Moreover, IDFC FIRST Bank also helps with your business’ working capital requirements. You can get funds for managing your day-to-day operations. Read on to find out how.

Working capital solution with IDFC FIRST Bank’s Start-up Banking services
Working capital is the lifeblood of every Start-up. You need sufficient funds to ensure your business doesn’t falter in its initial stages. While working capital loans are available for profitable businesses, IDFC FIRST Bank goes further. It offers working capital solutions for pre-profit Start-ups too.

Get the funds needed to become profitable and scale your Start-up without hiccups. Here’s what IDFC FIRST Bank’s Working Capital Solutions include -

· Industry-first financial solution for pre-profit Start-ups to scale your business

· Collateral-free loans up to Rs 5 crore

· Minimal documentation for a hassle-free loan sanction

Also read: Beyond funding: How can startups benefit from IDFC FIRST WINGS?

The bottom line

According to a report, India ranks third in the global Start-up economy as of 29 August 2022. These Start-ups contribute to the economy's development by creating jobs and facilitating investments, integrating technology, etc. While Start-ups can change the economic landscape, they need assistance in their initial stages to make a difference.

IDFC FIRST Bank offers this assistance in the form of specialised banking services. The bank enables new business ventures to grow and thrive with its exclusive Start-up solutions. If you have a Start-up in its initial or growth stage, choose IDFC FIRST Bank. Experience its tailor-made Start-up banking solutions and empower your business towards the right growth trajectory.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.